Ship breakers and bankers have joined hands together to improve environmental and social standards in the ship recycling industry in Bangladesh.
Bangladesh Ship Breakers Association and Association of Bankers Bangladesh signed a joint statement Monday.
BSBA President Hefazatur Rahman and ABB Vice Chairman Ali Reza Iftekhar signed the statement, marking further recognition of the importance of environmental and social considerations in the pursuit of economic growth.
The statement is supported by the Industries ministry, International Finance Corporation, the Embassy of the Kingdom of the Netherlands, the German Embassy, FMO, DEG, and Proparco.
Beyond committing to work together towards improving standards and practices in Bangladesh, the BSBA and ABB have also outlined several areas within which to begin addressing the current challenges, including improving methods for hazardous waste disposal and building industry capacity to make the necessary improvements in environmental and social standards.